Charfty régistration number 1108136 Company reglstration number 53338181England and Wales) ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees A L Campbell M R Murray M Camey S A Reynolds T J Ilthyatt Secretary E Hayward Charlty number 1108136 Company number 5333818 Prlnclpal addre•• Our Lady and St Michae15 Church Pen y Pound Abergavènny Monmouthshire NP7 SUD Roglsternd afflce Belmont Abbey Hereford Herefordshire HR2 9RZ Bankern HSBC Bank plc 2 Twyn Square Usk Monmouthshire NP15 1BH
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED CONTENTS Page Trustees report Independent examinels report Statemènt of financial activitres Balance sheet Note8 to the flnancial statement4 8-12
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT> FOR THE YEAR ENDED 31 MARCH 2024 The trustees present their annual report and financlal statements for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Irusl's Memorandum and Artides, the Companies Act 2006 and °Accounling and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)° {as amended for accounting periods commencing from 1 January 2016). Oblactlves and acllvltles The objects of the charity are to provide a Community Centre for the benefit of the inhabitants of Abergavenny and district. The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activitie8 the tru8t should undertake. Achlevements and parforniance The year April 2023 to March 2024 Saw a welcome uptum in bookings to a level not seèn slnce well before COVID. Monmouthshire County Council booked the training room for Police and Crime Commissioner elections, and have used the main hall after the period in consideration. The Centre is used for many social, fitness, well being, counselling, sUPPOrt. cultural and leisure activlties by the local community and organisalion5 from further afield Bs well as providing space for businesses providing service8 to the local community. Apart from cleaning and calering, the Centre is operated entirely by volunteers. Numbers have been sustained at 13, 0 subslanlial increase on prevlous numbers, increasing business by enabling a swift and courteous response to enquiries. New volunteers are of course always welcome. Training is available and undertaken. Thanks are due to all those who work for the Centre as officer8 or volunteers, who make It possible for rt to function. Particular thanks are due to Anty Palmer for managing the Centre and the volunteers, and to Tom Whyatt for keeping accounts and rnuch else. It is with great sadne66 that we announce the untimely death ol Sheila Woodhouse who was a great supporter of the Cent and volunteered with us for over 10 years A vehicle driving into the Centre entrance at the end of the financial year caused significant damage and some disruption, but fortunatety the cost has been met by insurance. Consideration is belng given to improving audiolvisual facllities, bul Ihi5 work will probabty need 50me grant assistance. The Centre also provides the venue for pastoral and social activities of the Roman Catholic parish of our Our Lady and St Michaels, which adjoins the Centre and was one of its original funders. It is though a legalty separate and independent organization. The parish substantially increased its donation to the Centre for its extensive use of the Centre from May 2023 Flnanclal review Duririg the year up to the end of March 2024, overall trading income from lettings of the hall. kitchen. training room and offices has increased substantially, both from increased bookings and an increase in charging Tates Income from hire of the training room remains low however. Donations increased substantialFy. largely due to the increase in Tegular payments from the adjoining parish. Despite much more expensive electricity. overall expenditure increased onty slightly. resulting in a major lumaround in trading profit from substsntial deficit to surplus, resulting in increased unrestricted seIe. These meet the declared objective of being able to meet average expenditure for six months without any income. Debtors have increased but remain at a similar percentsge of trading income. 2024-25 is likely to bring much increased expenditure on maintenance, but we expect to stay in profit.
ST. MICHAEL'S CENTRE (ABERGAVENNY> TRUST LIMITED TRUSTEES REPORT (CONTINUED)(INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The trustees have a rlsk management policy and revise annually the risks faced by the charity and the establishment of systems and procedures lo reduce such rrsks and lessen Ihe impact of any problems which may arise. There is a safeguarding policy and an experienced safeguarding officer is in place, but the Cenlre does not work particularly with vulnerable individuals or children, and the primary responsibility vthere events induding such individuals meet at the Cenlre lies with the organisation hiring the Centre and responslble for the event. Structure. governance and management St Michael's Centre (Abergavenny) Trust Limited is a company Ilmited by guarantee governed by Its Memorandum and Articles ofAssocialion dated 17 January 2005. It is a registered charity with the Charity Commisslon. The trustee8, who a also the dlrectors for the purpose ofcompany law, and who Served during the year and up to the dale of signature of the financial statements were: A L Campbell M R Murray M Carney S A Reynolds T J Whyatt The TnJ8tee8 must be al least three and no more than ten in number, and rnay co-opt any person to act as trustee. The Abbot of Belmont Abbey must approve the appointment of every trustee in writing. The Board of Trustees are legally responsible for the administration of the Charity, and meet as necessary, and 81 least once every year for the AGM. Day lo day management of the Centre is undertaken by individua15 and groups of volunteers supporting on bookings, office, administration, sales invoiung, book-keeping and general repairs, with professional caretaking and cleaning. Andy Palmer has taken on the role of centre manager after the year under review, when Tom Imiyatt ran ihe centre as well as keeping the accounts. Other officers of the charity are Edmund Hayward (Company Secretary), Tom Whyatl (Treasurer), Jimmy Harris (Maintenance officer) and Janel Batlersby (Safeguarding Officer). The trustees extend their grateful thanks lo all volunteers and officers for their continuing hard work and dedication. The Centre has a close relationship with Belmont Abbey, whose Abbot ultlmatety controls the appolntment of directors and trustees, and the Belmont Abbey Charitable Incorporated Organisalion (previously the Belmont Abbey Mission Trust) from whith the land on which the Centre is built is leased at 8 peppeTcom annual Tent on a long lease. There are no other related parties. The tTUStees report was approved by the Board of Trustees. A L Campbell Truslee Dated.. 1 December 2024
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED I report on the accounts of the trust for the year ended 31 March 2024. whlch are set out on pages 4 to 12. Respectlvo respon•lbllltles of trustees and examlner The tTU5t's Iruslees. who are also the directors of St. Michael's Centre (Abergavennyl Trust Limited for the purposes of company law, are responsible for the preparation of the financial statements. The trustees consider that an audit is not required for this year under section 144(21 of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed. Having satisfied myself that the charlty is not subject to audit under company law and is eligible for independent examination, it is my responsibility to.. examine the financial statements under section 145 of the 2011 Act; (ill to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(51(bl of the 2011 Act., and (iii) lo state whether particular matters have come to my attention. 8881* of Independent •xamlneVs report My examination wa$ carried out in accordance with the general Directions glven by the Charfty Commission. An examlnalion includes a review of the accounting records kept by the charity and a comparison of the flnancial statements presented with those records. 11 also includes consideration of any unusual items or disclosures in the financial statements, and seeking explanations from you as trustee5 concerning any such mallers. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the financial statements present a 'lrue and fair view and the report is limited to those matters sel out in the next slalement. Independent examlnerfa Statement In conneclion with my examination, no matter has come to rny attention: (a) which gives me reasonable cause to believe that in any material respect the requirement8: 111 lo keep accounting records in 8ccordance with section 386 01 the Companies Act 2006., and (li) to prepare financial statements which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principle8 of the Statement of Recommended Practice: Accounting and Reporting by Charities" have not been met or (b) lo which, in my opinion, attention should be drawn In order to enable a proper understanding of the financi815tatements to be reached. PELea Chartered accountant Dated: 1 December 2024
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Unre8trlcted Restrlcted lunds funds Tolal 2024 Total 2023 Notss Income from: Donalions and legacies Charitable activities Investments 6,232 25,515 122 6,232 25,515 122 1.890 15,429 28 Total Incomo 31,869 31,869 17,347 endlture on: Charitable activities 24,292 11,025 35,317 38,735 Not Incom1•xPendltur8) for the yaarl Nét movement In funds 7,577 (11 ,0251 13,448) (21,388) Fund balances at 1 Aprll 2023 15,346 375,834 391,180 412,568 Fund b•lance6 at 31 March 2024 22,923 364,809 387,732 391,180 The statement of financial activities also complies with the requirements for an income and expendrture account under the Companies Act 2006.
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed apAet8 Tangible as5et5 12 364,809 375,834 Currnnt assets Debtors Cash at bank and in hand 13 8,063 31,255 4,891 26,073 39,318 30,764 Credltor•: amounts falllng due wllhln one yMr 15 (14,7931 (12,9001 Net current as8Ot• 24,525 17,884 Tot•1 *••ets less current Ilabllltles 389,334 393,698 Crndltor•: amounts lalllng due after more than on8 year 16 (1,6021 12,5181 Net a••ets 387,732 391.180 The fund8 of the trust Restricted income fund5 UnStrICted funds 17 18 364,809 22,923 375,834 15,348 387,732 391,180 The company Is entitled lo the exemption from the audlt requirement contained in section 477 of the Companies Act 2008, for the year ended 31 March 2024. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statement5. The membeT5 have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The financial statements were approved by the trustees on 1 December 2024 A L Campbell Trustse Company registration number 5333818 (England and Wales)
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Company infoatIon st. Michael's Centre (Abergavennyl Trust Limited 15 a private company limited by guarantee incorporated in England and Wales. The registered office is BelmontAbbey, Hereford, Herefordshire, HR2 9RZ. The accounts have been prepared in accordance with the trusvs Memorandum and Articles, the Companies Acl 2006 and "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" (as amended for accounts'ng periods commencing from 1 January 2016). The trust is a Public Benefit Entily as defined by FRS 102. The trust has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare 8 Statement of Cash Flows. The accounts have been prePad on the historical cost convention. 1.1 Golng concern At the time of approvlng the financlal 8tatements, the trustees have a reasonable expeclatSon that the trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparlng the finan¢lal statements. 1.2 Charltable fundi Unrestricted funds are available for use at the discretion of the Iruslees in furtherance of their charitable objecllves. Restricted funds are subject10 specific conditions by donors or grantors as to how they may be used. The purposes and uses of the reslrlcted fund5 are set out in the notes to the financial statements. 1.3 Incomlng resourc•• Income Is recognised when the trusl is legalty entitled to it after any performance condltions have bean met, the amounts can be measured reliably, and It Is probable that Incorne will be rècelved. Ca8h donations are recognised on receipt. Other donations are recognised once the trust has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant 15 recognised at the time of the donation. Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefrt to thlrd party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured rellably. Expenditure is classified by activity. The costs of each actlvlty are made up of the total of d1ct costs and shared costs, including support C0515 involved in undert8king each activity. Direct costs attributable to a single activity are allocated directly to that actlvlty. Shared costs which contribute lo more than one acllvity and support costs which are not attributable lo a single activity are apportioned between those activities on a basis consistent wilh the use of resources. Central staff costs are allocated on ltte basls of time spent, and depreciation charges are allocated on the portion of the asset'5 Use.
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollclos Icontlnued) 1.4 Tanglble flxed a88•ts Tangible fixed assets are initialty measured at cost. Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following base$'. Leasehold propety Fixtures, fittings & equipment 2% Straight line Various rates between 7 112 and 339/0 1.5 Cash and cash equlvalents Cash and cash equivalents include cash in hand and deposit5 Wlth banks. 1.6 Flnanclal Instruments The trust has only financial assets and Ilabiliiies of a kind thal qualify as basic financial instruments. Crltlcal accountlng e8tlmates and Judgements In the application of the trust's accounting policies, the tTUStees are required to make judgements, estimates and assumptions about the carying amount of assets and liabilities that are not adIlY apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results rnoy differ from these estimates. The estimates and undertying assumptlon5 are reviewed on an ongoing basis. Revisions to accounting estimate8 are recognised in the period in which the estimate is revised where the revision affects only that period. OT in the period of the revision and future periods where the revision affects both CUTnI and future periods. Oonatlons 2024 2023 Donations and gifts 6,232 1,890 Incomo from Charltable Actlvltlos 2024 2023 Letting and licensing arrangements 25,515 15,429
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investment Incom• 2024 2023 Interest receivable 122 28 Expendlture on Charltabl• A1VItIeS 2024 2023 Depreciation and impalrrnent Insurance Telephone Rates Other costs Heat. light and power Maintenance Sundry expenses Bad debts Telephone 11,025 1,432 912 815 6,507 7,916 1,539 3,934 249 148 11,025 1,357 1,264 871 6,489 6,170 296 10,267 304 92 34,477 38,135 Share ol govern8nce c08ts (see note n 840 600 35,317 38,735 Analy818 of Govemance and •upport CO8t• Support Gov•rnanea co•t• Costs 2024 2023 8••l• of allocallon Accountancy 840 600 Governance 840 840 600 AnaFysed between Charitable activities 840 840 600 Net movemenl In funds 2024 2023 The net movement in funds is ststed after chargingl(crediting): Depreciation of owned tangible fixed assets 11,025 11,025
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Tru8tÈe8 None of the trustees (or any persons connected viith them) received any remuneration during the year, nor were they reimbursed trevelling expenses. 10 Employees There were no employees durfng the year. 11 Taxatlon The charity Is 8xempt from taxation on its actlvltles because all ils income 1$ applied for charitable purposes. 12 Tanglble Ilxad a••et• L•u•hold pmprty F4xtur••. •qulpm?nt Cost At 1 April 2023 551,209 93,518 644,725 At 31 March 2024 551,209 93,516 644,725 Depreclatlon and Impalmient At 1 Apnl 2023 Depreciation charged in the year 175,375 11,025 93,516 268,891 11,025 At 31 March 2024 186,400 93,516 279,916 Carrylng amount At 31 March 2024 364,809 364,809 At 31 March 2023 375,834 375,834 13 Debtorn 2024 2023 Amounts falllng du• wlthln one year: Trade debtor5 Prepayments and accrued income 7,008 1,055 4,488 203 8,063 4,691
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 14 Loan$ and overdrafts 2024 2023 Bank loans 2,667 3,583 Payable withln one year 1,065 1,065 Tha loan Is the Bounce Back loan Ih81 was received due to the Covid-19 pandemlc. 15 Credltorn: amounts lalllng due wlthln on• ye•r 2024 2023 Notes Bank loans Other creditors Accruals and deferred income 14 1,065 8,000 5,728 1,065 8,000 3,835 14,793 12,900 16 Credltors: arnount• falllng due after more than one year 2024 2023 Not•• Bank loan 14 1,602 2.51B 17 Restrlcted funda The reslricled funds of the tharity comprise the unexpended balances of donatlons and granls held on tTU8t subject to specific conditions by donors as to how they may be used. At 1 Aprll Resources At 31 March 2023 oxpended 2024 Building and equiprnent costs Building and equipment costs National Lottery Community Fund 359,644 11,025 5,165 (11.025) 348,619 11,025 5,165 375,834 111,0251 364,809 10-
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 17 Restrfcted funds IContlnued> Prevlous year: At 1 Aprll 2022 Resources At 31 Mareh expended 2023 Building and equipment cost8 National Lottery Communlty Fund 386,859 5,165 (11,0251 {5,165) 375,834 392,024 16,190 375,834 The restricted fund relates to money reGeived in relation to the conslruction of th8 buildlng and its equipplng and to a grant received for the Volunteering In Wales Fund. 18 Unrestrlcted fund6 The unre51ricted funds of the charity comprise the unexpended balances of donations and grants whlch are not subject to specific conditions by donors and grantors as to how they rnay be used. These include designated fvnds which have been set aside out of unrestricted funds by the trustees for specific pU08e5. At 1 Aprll 2023 Incomlng re8ource8 Reiource• At 31 March expended 2024 General funds 15,346 31,869 (24,292) 22,923 Pr•vSou8 year: At 1 Aprll 2022 Incomlng resou8• Re8ource8 At 31 March expended 2023 General funds 20,544 17,347 122,5451 15,346 19 Anaty818 of not a•set• betw¢•n funds Unrestrlcled fund• 2024 Restricted lund• 2024 Total 2024 At 31 March 2024: Tangible a55ets Current assetsl(liabilities) Long term liabilities 364.809 364.809 24,525 (1,e02) 24,525 (1,602) 22,923 364,809 387,732 11
ST. MICHAEL'S CENTRE (ABERGAVENNY) TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Analy•l• of net assets between funds Icontlnued) Unrejjtrlcted funds 2023 Restrlcted funds 2023 Total 2023 At 31 March 2023: Tanglble assets Current assetsl(liabilities) Long temi liabilities 375,834 375,834 17,864 (2,518) 17,864 (2,518) 15,346 375,834 391,180 12-